Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance for 2024, with total revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders of 6.337 billion yuan, up 47.28%. However, the decline in the generic drug business under procurement pressure poses a significant concern for the company's future development [1][6]. Group 1: Innovative Drug Performance - The main driver of Heng Rui Medicine's revenue growth in 2024 was the innovative drug business, which generated 6.612 billion yuan, reflecting a year-on-year growth of 33%. Key products like Rivoceranib and others saw significant revenue increases after entering the medical insurance list [2]. - Despite not being included in the national medical insurance directory, the clinical value of Adebali monoclonal antibody has led to its inclusion in special drug reimbursement lists in various regions, further expanding its revenue contribution [2]. - The oral medication Haiqubopai has gained stable sales growth due to its brand positioning and clinical guideline recommendations, while earlier launched innovative drugs like Camrelizumab and others also contributed to sales growth through new indications and accumulated clinical evidence [2]. Group 2: Generic Drug Challenges - The generic drug business of Heng Rui Medicine continues to face significant pressure due to procurement policies, with sales of certain products like Acetate Cabozantinib and others declining by 2.79 billion yuan and 2.76 billion yuan respectively during the reporting period [3][4]. - The company needs to accelerate the transformation and upgrading of its generic drug business to find new growth points in light of the ongoing challenges [4]. Group 3: Internationalization Strategy - Heng Rui Medicine has made significant progress in its internationalization strategy, licensing exclusive rights for its GLP-1 class innovative drugs to Hercules in the U.S., with potential total payments reaching 2.1 billion U.S. dollars [5]. - The company has also received clinical trial qualifications for multiple projects in the U.S., Europe, and Asia-Pacific, with three ADC products granted Fast Track Designation by the FDA, which may expedite their clinical trials and market registration [5]. - Through various models such as self-research, collaboration, and licensing, Heng Rui Medicine is expanding its overseas research boundaries and enriching its innovative product pipeline [5].

Core Viewpoint - Heng Rui Medicine reported record high revenue and net profit for the year 2024, with significant growth in both areas, indicating strong operational performance and market positioning [1][4][6]. Financial Performance - Revenue reached 27.985 billion yuan, an increase of 22.63% year-on-year, while net profit surged to 6.337 billion yuan, up 47.28% [5][6]. - The company's net asset value at the end of the period was 45.520 billion yuan, reflecting a 12.49% increase [6]. - The gross margin for the pharmaceutical manufacturing sector was 85.06%, up 0.53 percentage points from the previous year [6]. Business Segmentation By Industry - Pharmaceutical manufacturing revenue was approximately 25.01 billion yuan, with a gross margin of 85.06% [3]. By Product - Oncology products generated revenue of approximately 14.59 billion yuan, with a gross margin of 92.57%, marking a 19.39% increase year-on-year [3][6]. - Metabolic and cardiovascular products saw revenue of approximately 1.75 billion yuan, with a gross margin of 76.61%, reflecting a significant increase of 61.65% year-on-year [3]. By Region - Domestic revenue was approximately 24.29 billion yuan, with a gross margin of 86.32%, up 11.64% year-on-year [3][6]. - International revenue reached approximately 716 million yuan, a growth of 16.07% year-on-year [6]. Research and Development - R&D investment reached a record high of 8.228 billion yuan, accounting for 29.40% of total revenue, with 6.583 billion yuan classified as expense-based R&D [5][8]. - The company employed 5,598 R&D personnel, representing 27.66% of the total workforce, indicating a strong talent pool [8]. Innovation and Product Pipeline - Sales from innovative drugs amounted to 13.892 billion yuan, a 30.60% increase, constituting nearly 50% of total revenue [7]. - The company received approval for 17 first-class innovative drugs and 4 second-class new drugs in China, with 26 innovative molecules entering clinical trials [5][7][10]. International Expansion - The company achieved licensing payments of 260 million USD from Merck and Kailera, with products now available in over 40 countries [5][6].

Core Insights - In 2024, the company achieved a sales revenue of 138.92 billion yuan from innovative drugs, marking a year-on-year increase of 30.60%, with innovative drug sales accounting for over half of the total sales revenue [1][2] - The company's total operating revenue reached 279.85 billion yuan, a 22.63% increase year-on-year, while net profit attributable to shareholders rose by 47.28% to 63.37 billion yuan [1][2] - The growth in performance is primarily driven by the revenue from innovative drugs, with 19 new molecular entities and 4 other innovative drugs approved for sale in China [1][2] Innovative Drug Development - The company has entered into 13 overseas licensing collaborations for innovative drugs, with 8 of these agreements made in the last three years, contributing to new revenue growth [1][2] - In 2024, the company received significant upfront payments from licensing agreements, including 160 million euros from Merck Healthcare and 100 million USD from Kailera Therapeutics, which positively impacted profits [2] - The company anticipates 47 innovative products to be approved for market, covering various therapeutic areas, with 11 projects expected to launch this year [3] Research and Development Investment - The company reported a record R&D investment of 82.28 billion yuan in 2024, with 65.83 billion yuan classified as expensed R&D, representing 29.40% of total sales revenue [2] - Currently, there are 18 applications for new drug approvals under review by the National Medical Products Administration, with over 90 innovative products in clinical development and approximately 400 clinical trials ongoing [2] Financial Position - As of December 31, 2024, the company had cash and cash equivalents amounting to 248.16 billion yuan, reflecting a year-on-year increase of 19.62% [3]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has achieved the conditions for unlocking part of the employee stock ownership plan for 2023, marking the completion of the first lock-up period [1][3]. Group 1: Employee Stock Ownership Plan Progress - The first lock-up period of the employee stock ownership plan has been completed, and the management committee will manage the rights of the holders based on the plan and market conditions [2][3]. - The company held a temporary shareholders' meeting on November 23, 2023, to approve the employee stock ownership plan [1]. Group 2: Lock-Up Period Details - The employee stock ownership plan involves three unlocking phases: 40% after 12 months, 30% after 24 months, and 30% after 36 months from the last stock transfer [2][3]. Group 3: Performance Assessment for Unlocking - The performance assessment for unlocking includes company-level indicators such as innovative drug sales revenue, the number of new molecular entity IND approvals, and the number of NDA applications accepted [3][4]. - The first unlocking conditions require innovative drug revenue to exceed 13 billion yuan, with at least 12 IND approvals and 6 NDA applications accepted for 100% unlocking [5]. Group 4: Individual Performance Indicators - Individual performance indicators will determine the final unlocking quantity based on the company's performance metrics, with varying unlocking ratios for different employee categories [5]. - A total of 1,050 holders meet the unlocking conditions, corresponding to 4.1605 million shares, which is 0.06% of the company's total share capital [5].

江苏恒瑞医药股份有限公司（以下简称"公司"）2023 年员工持股计划第一 个锁定期解锁条件已经成就，根据中国证监会《关于上市公司实施员工持股计划 试点的指导意见》以及《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》等相关规定，现将本员工持股计划第一个锁定期解锁情况公告如下： 江苏恒瑞医药股份有限公司 关于 2023 年员工持股计划部分份额解锁条件成就的 提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本员工持股计划的实施进展 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-041 1、2023 年 11 月 3 日，公司召开第九届董事会第六次会议与第九届监事会 第五次会议，并于 2023 年 11 月 23 日召开 2023 年第二次临时股东大会，审议通 过了公司 2023 年员工持股计划，具体内容详见公司于 2023 年 11 月 4 日、2023 年 11 月 24 日披露于上海证券交易所网站（www.sse.com.cn）的相关公告。 2、2023 年 12 月 27 日 ...

近日,江苏恒瑞医药股份有限公司（以下简称"公司"）子公司成都盛迪医药 有限公司的HRS-5965胶囊被国家药品监督管理局药品审评中心（以下简称"药审 中心"）纳入拟突破性治疗品种公示名单，公示期7日。现将相关情况公告如下： 证券代码：600276 证券简称：恒瑞医药 公告编号：临2025-040 江苏恒瑞医药股份有限公司 关于药物纳入拟突破性治疗品种公示名单的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、药物的基本情况 药物名称：HRS-5965胶囊 受理号：CXHL2400127、CXHL2400128 药物类型：化学药品 注册分类：1类 申请日期：2025年1月14日 拟定适应症（或功能主治）：原发性IgA肾病 理由及依据：经审核，本申请符合《药品注册管理办法》和《国家药监局关 于发布＜突破性治疗药物审评工作程序（试行）＞等三个文件的公告》（2020年 第82号）有关要求，同意纳入突破性治疗药物程序。 二、药物的其他相关情况 IgA肾病是导致终末期肾脏病最常见的原发性肾小球疾病[1]。HRS-5965胶囊是 一 ...

Core Viewpoint - The company has demonstrated significant growth in its innovative drug sales, achieving a 30.60% year-on-year increase despite facing challenges such as intensified competition and pricing pressures [2][10]. Revenue by Industry - The pharmaceutical manufacturing industry reported a revenue of approximately 25 billion, with a gross margin of 85.06% and a year-on-year revenue increase of 11.76% [1]. Revenue by Product - Tumor products generated revenue of approximately 14.59 billion, reflecting a growth of 19.39% [2]. - Metabolic and cardiovascular products saw a revenue increase of 61.65%, reaching approximately 1.75 billion, primarily due to the inclusion of the drug in the medical insurance list [2]. - Immunology and respiratory system products increased by 10.77% to approximately 776 million [2]. - Neuroscience products grew by 1.99% to approximately 4.29 billion [2]. - Contrast agents experienced a slight increase of 0.25% to approximately 2.75 billion [2]. - Other products faced a decline of 39.83%, totaling approximately 860 million [2]. Innovative Drug Approvals - The company has received approval for two Class 1 innovative drugs, with a total of 17 new molecular entities approved in China by the end of the reporting period [2][5]. - Notable drugs such as 瑞维鲁胺 and 达尔西利 have significantly improved patient access and clinical outcomes, contributing to revenue growth [2]. Pipeline and Future Prospects - The company has 18 applications under review by NMPA and over 90 innovative products in clinical development, with 400 clinical trials ongoing [5]. - Expected new product launches include 11 projects in 2025 and 13 projects in 2026, with several products showing First-in-Class potential [6][9][10]. Research and Development Investment - The company has maintained a strong commitment to R&D, with expenditures of approximately 48.87 billion, 49.54 billion, and 65.83 billion from 2022 to 2024, representing 23.0%, 21.7%, and 23.5% of total revenue respectively [11].

Core Points - The company held the 10th meeting of the 9th Supervisory Board on March 28, 2025, via communication, with all 3 supervisors present, confirming compliance with legal and regulatory requirements [1] - The Supervisory Board unanimously approved the 2024 Annual Report and the 2024 Supervisory Board Work Report, affirming that they accurately reflect the company's operational and financial status [1][2] - The company proposed a profit distribution plan for 2024 and discussed anticipated related party transactions for 2025, with all proposals receiving unanimous support from the supervisors [1] - The company reported significant asset losses due to expired products and equipment damage, totaling approximately 850,128 yuan and 58,313,223.37 yuan respectively, and requested to write off these losses [1][2] - The company plans to submit several proposals, including the internal control evaluation report and the remuneration execution report for the Supervisors in 2024, for review at the 2024 Annual General Meeting [2]

Core Viewpoint - The company plans to distribute a cash dividend of 0.2 yuan per share, with a total cash dividend amounting to approximately 1.5 billion yuan, which is 23.73% of the net profit for the year 2024 [1][2][3]. Profit Distribution Plan - The company achieved a net profit of 6,336,527,014.75 yuan for the year 2024, with a total undistributed profit available for distribution of 29,890,061,126.47 yuan [2]. - The proposed cash dividend distribution is 2 yuan for every 10 shares held, translating to a total cash dividend of 1,275,450,072.80 yuan (including tax) based on the total share capital as of March 11, 2025 [2]. - The total cash dividend amount may be adjusted based on the number of shares held in the company's repurchase account on the record date [2]. Cash Dividend Ratio Explanation - The cash dividend ratio is below 30% due to several factors: high investment and risk in the pharmaceutical industry, the company's transition from generic to innovative drugs requiring significant funding for clinical trials and R&D, and ongoing expansion projects in Guangdong and Beijing [1][3]. - The company plans to enhance its global competitiveness through increased collaboration with international research institutions, which also requires substantial financial support [1][3]. Decision-Making Process - The company's board of directors approved the profit distribution plan with a unanimous vote of 9 in favor and 0 against during the meeting held on March 28, 2025 [4]. - The supervisory board also approved the distribution plan with a vote of 3 in favor and 0 against, pending approval from the annual shareholders' meeting [5].

江苏恒瑞医药股份有限公司 内部控制审计报告 2024 年 12 月 31 日 内部控制审计报告 安永华明（2025）专字第70043287_B01号 江苏恒瑞医药股份有限公司 江苏恒瑞医药股份有限公司全体股东： 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，江苏恒瑞医药股份有限公司按照《企业内部控制基本规范》和相关规 定在所有重大方面保持了有效的财务报告内部控制。 1 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了江苏恒瑞医药股份有限公司2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和 ...